Increasing penetration of smartphones and connected devices in various application and technological development of the gaming industry are driving the augmented and virtual reality market growth globally. In addition, the growing demand for augmented reality and virtual reality in the retail and e-commerce industry is further fuelling market growth. Rising demand for augmented reality devices in healthcare for patient care management & medical training and education as well as in retail/e-commerce as trend of online shopping is growing is propelling the market growth. Increasing penetration of head-mount displays in the gaming and entertainment sector and increasing digitalization, and availability of affordable virtual reality devices are pushing the virtual reality market growth. Moreover, growing investment and funding in virtual reality and augmented reality by tech giants for the development of virtual reality and augmented reality solutions is further promoting the global market growth.
Increasing trends of smart manufacturing, increasing demand of augmented reality in architecture, rising penetration of head mount in healthcare, gaming, and architecture application coupled with growing use of virtual reality in aerospace & defence for training and simulation purpose and integration of Artificial Intelligence (AI) & Machine Learning (ML) are expected to increase the growth of the during the forecast period. However, limited user interface, processing power, less storage of augmented reality devices, and health concern due to low resolution and security concerns are restraining the market growth.
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Augmented Reality (AR) and Virtual Reality (VR) are technologies visualize virtual surroundings either by using a device or over a surface/platform. Augmented Reality is the implementation of digital information with the consumer’s environment in real-time. It is an enhanced version of the real physical world using sound, visual elements, or other sensory stimuli. Virtual Reality (VR) is an artificial environment that is designed with software and presented to the consumer in such a way that the consumer accepts it as a real environment. It is a computer-generated three-dimensional (3D) environment, which completely immerses end users in an artificial world without seeing the real-world. Virtual reality is mainly experienced through two sights and sounds. The simplest example of VR is 3D-movies using 3D glasses.
Read Full Report Description: Global Augmented Reality (AR) and Virtual Reality (VR) Market By Offering (Hardware and Software), By Device Type (Augmented Reality Devices and Virtual Reality Devices), By Application (Consumer, Commercial, Enterprises, Healthcare, Aerospace & Defence, Energy, Automotive, and Others), By Region- Opportunities and Forecast, 2019-2026 https://www.gmiresearch.com/report/augmented-reality-and-virtual-reality-market/
Based on the offering, the hardware segment is expected to capture the substantial market share in the global virtual reality and augmented reality market in 2018 owing to the increasing usage of virtual reality and augmented reality devices for training and development in education, aerospace & defence, and gaming & entertainment.
Based on device type, the head-up display is expected to witness the fastest growth during the forecast period in the augmented reality market due to the widespread application of head mount display in the automotive and aerospace & defence sectors for training purposes. Head-up displays are transparent displays that present information in close to the driver’s an outside world view. It simplifies the combined tasks of driving safely, monitoring the vehicle speed and performance & navigating to the destination. The intuitive display enhances features and dynamic real-time data to the driver are some factors that are driving the market in the coming years.
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Based on the application, consumer application is expected to account for the substantial market share in the global virtual reality and augmented reality market during the forecast period. The increasing adoption of virtual reality and augmented reality devices in entertainment, gaming, and sports due to this technology is widely accepted to enhance customer experience and satisfaction. virtual reality and augmented reality are used for entertainment purposes in theatre, museums, amusement parks, and music concerts for entertainment.
Augmented reality gaming apps are being adopted rapidly by consumers, which is driving market growth. Virtual reality and augmented reality provide 360-degree views of more realistic environments in video games, which further fuel the market growth. For instance, Pokémon Go is one the augmented reality game which provides robust augmented reality gaming experience.
Major players of the Augmented Reality (AR) and Virtual Reality (VR) market are focusing on expanding their customer base across the globe by leveraging on the strategic collaboration, joint venture, and partnership to grow their market share and their profitability. Various notable players in the Augmented Reality (AR) and Virtual Reality (VR) market include Google LLC, Microsoft Corporation, Oculus VR, Samsung Electronics, Sony Corporation, HTC Corporation, Magic Leap, Inc., Wikitude GmbH, PTC Inc., DAQRI, Apple Inc. among others.
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Based on the region, Asia-pacific is expected to significant market share in augmented reality and virtual reality market during the forecast period. Due to an emerging economy, this region is witnessing massive changes in the adoption of new advancements and technologies. In addition, increasing penetration of smartphones and increasing application area among end-user industries are driving the market growth in this region.
The global augmented reality (AR) and virtual reality (VR) market has been segmented based on the offering, devices type, application, and region. Based on the offering market is segmented into hardware and software. The hardware segment is further segmented into sensors, semiconductor component, displays and projectors, position trackers, cameras, and others. Software segment into AR software and VR content creation. Based on device type, the market is segmented into augmented reality devices and virtual reality devices. The augmented reality devices segment is further categorized into head-mounted display, head-up display, and handheld devices. The virtual Reality Devices segment is also categorized into head-mounted display, gesture-tracking device, and projector & display wall. Based on application, the market is segmented into augmented reality applications and virtual reality applications. The augmented reality applications are bifurcated into consumer, commercial, enterprise, healthcare, aerospace & defence, energy, automotive, and others. Virtual reality applications are bifurcated into consumer, commercial, enterprise, healthcare, aerospace & defence, energy, automotive, and others.
Global Augmented Reality (AR) and Virtual Reality (VR) Market by Offering
Global Augmented Reality (AR) and Virtual Reality (VR) Market by Device Type
Global Augmented Reality (AR) and Virtual Reality (VR) Market by Application
Global Augmented Reality (AR) and Virtual Reality (VR) Market by Region
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Augmented Reality (AR) and Virtual Reality (VR) Market Leading Players (Option 5: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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